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Biden forgives $10,000 in student debt, double for Pell grant recipients

Borrowers who earn less than $125,000 a year would be eligible for the loan forgiveness

US President Joe Biden takes off his mask as he walks towards Marine One for departure to Rehoboth Beach, Delaware from the South Lawn of the White House in Washington, DC (Photo: Reuters)
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US President Joe Biden (Photo: Reuters)

AP | PTI Washington
President Joe Biden on Wednesday announced his long-awaited plan to deliver on his campaign promise to provide $10,000 in debt cancellation for millions of Americans — and up to $10,000 more for those with the greatest financial need.

Borrowers who earn less than $125,000 a year, or families earning less than $250,000, would be eligible for the $10,000 loan forgiveness, Biden announced in a tweet.

For recipients of Pell Grants, which are reserved for undergraduates with the most significant financial need, the federal government would cancel up to an additional $10,000 in federal loan debt.

Biden is also extending a
Topics : Joe Biden

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First Published: Aug 24 2022 | 9:24 PM IST

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